XAU/USD analysis: Remains below 1,640.00
|XAU/USD
Yesterday, the XAU/USD exchange rate tried to surpass the 1,640.00 level. During Friday morning, the rate was consolidating in the 1,620,00 area.
Given that yellow metal is supported by the 55-hour moving average, currently located near 1,620.00, it is likely that some upside potential could prevail in the market. In this case the rate could face the resistance formed by the monthly R1 at 1,668.23.
However, if the exchange rate fails to surpass the 1,640.00 level, it is likely that it could continue to consolidate. Also, it is unlikely that bears could prevail in the market, as the rate could decline below the 200-hour SMA near 1,545.00.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.